Over the years, the role of pets has changed. It is no more like a ‘functional’ or unremarkable part of a household, instead, the companionship of a pet is like having a family member.
Pet medical research, prevention and care brand Best Care+ (Chinese: 倍珍保) completed two consecutive rounds of financing within half a year. For the series pre-A round and series pre-A+ round, the investors are PGA Capital and publicly listed company RUOYUCHEN. Previous shareholders Qingsong Fund and Zen Investment continued to raise, with the total amount reaching tens of millions of CNY. These two rounds of financing will be mainly used for new product development and channel expansion.
Founded in 2019, Best Care+ targets the first and second-tier urban population who treat their pets as family members. It launched six efficacious pet health products for pets at the end of 2020. Besides, the firm expects to launch four or five new products in the second half of this year.
China’s pet economy has been experiencing significant growth in the past few years. Ping An Securities expects the market size to continuously increase, reaching CNY 649.1 billion in 2025 with a CAGR of approximately 11.1% from 2021 to 2025. Healthcare is the third-largest sub-market after pet food and accessory products.
Best Care+’s founder, Bowei Wen, believes that the firm has stepped on the compound growth market’s opportunity point and will have the chance to bring new value to the industry by focusing on polishing its products. Each new product will be tested for efficacy against experiments.
Nonetheless, the firm faces threats from competition. There are domestic rivals such as RedDog (Chinese: 红狗), CHOWSING (Chinese: 宠幸) and GOLDEN (Chinese: 谷登).